If there is any real property involved, it will take at least eight months to settle an estate. If there are claims against the estate or if there is disagreement among the people who are receiving items from the estate, it can take several years.
Who Should I Name As My Personal Representative?
You can name anyone as your personal representative, as long as they are at least 18 years old and of sound mind. However, you are going to trust this person with your assets. You want someone who is very trustworthy and someone you know very well.
What Does a Personal Representative Do?
A personal representative is named in the will simply to take care of the estate, pay all the bills, and make sure that all of the property is passed through to the ones to whom the deceased wanted the property to go. If there are any claims against the estate, the personal representative will decide whether they are valid claims and pay them or deny them.
Are There Different Types Of Trusts?
The most common type of trust is the revocable family trust; 80% of people who have a trust have this type of trust. It distributes your assets as you want, without going through probate, and can even delay giving those assets out one or two generations. There is also an irrevocable trust. It cannot be revoked by the one who made the trust. There are also special trusts, like an insurance trust or a special needs trust for the benefit of a protected person.
Do I Still Need A Trust If I Am Not Ultra Wealthy?
A trust is not only for the wealthy. A trust is for the purposes of avoiding probate and passing your assets on to your heirs. You can even delay the process of distribution for several years after you pass away. A trust can be very useful, no matter what your income level.
Why Should I Create A Trust If I Already Have A Will?
You may very well need a trust in addition to a will. It depends on what you want to happen after you pass away. With a will, all your assets will be distributed within a year after your death. You cannot postpone giving your assets away. Your estate will go through probate, which takes a year or more to complete. With a trust, you do not have to go through probate and assets can be given away immediately or delayed for years.
Why Would I Create A Trust If I Have A Living Will Or Power Of Attorney?
The living will and healthcare power of attorney are created for a completely different reason than a trust. A living will or healthcare power of attorney are only good while you are living. It is good to let others know how you want to be treated, medically. The same is true of a Durable Power of Attorney. It is used while you are alive to allow someone other than you to deal with your assets when you cannot. A trust, on the other hand, can be used both while you are living and after you pass away. A trust tells others where you want your assets to go after your death.
I Have A Prenuptial Agreement. What Benefit Could A Trust Provide?
A prenuptial agreement and a trust are used for two different reasons. A prenuptial agreement is a contract between two people anticipating marriage. It says what will happen when or if they divorce each other. It does not have anything to do with what happens when one dies. A trust will address what happens to one’s assets after he or she passes away.
Can I Appoint A Friend Or Another Individual as A Trustee?
You may appoint anyone you want as trustee, as long as they are an adult and of sound mind. You can even appoint trustees like the Trust Department of a bank or other professionals who are paid to act as trustees. The most important thing is not who you appoint but how much you trust that person, because you’re entrusting them to handle all of your assets as you wish them to be handled.
What Exactly Am I Paying For When I Pay Fees To The Administrator Of My Trust?
If you appoint someone to administer your trust who is a friend or a relative, they probably will not ask for any fees. If you use a professional trustee or the Trust Department of a bank, they will charge a fee; usually a very small percentage of the value of the trust. What that administrator does is monitor your trust week after week, month after month, invest the assets wisely, and make sure that what you are wanting to happen in that trust does, in fact, happen.
I Do Not Want To Lose Control Over My Assets. A Trust Will Not Be The Right Choice For Me. Correct?
When you create a proper trust and you name yourself as trustee of that trust, you do not own any of your assets any longer. The trust owns them. But, as the trustee, you have complete control over all of those assets. You can sell them, trade them for other assets, or give them away. All of that language is in the trust to allow you to do that. You control rather than own and that is a better way to handle assets.
For more information on Settling An Estate In South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.